The largest oil companies in the world in recent weeks have increased their debts by $ 32 billion, according to the Financial Times (FT). Among them are ExxonMobil, BP, Royal Dutch Shell, Total and Equinor.
According to the publication, oil giants resort to any measures to cope with the consequences of the COVID-19 pandemic and the collapse of oil prices. They reduce capital expenditures by postponing or refusing to buy back stocks, reducing costs and moving projects to later dates. At the same time, oil producers by all means try to avoid refusing to pay dividends to shareholders. Since mid-March, companies began to actively use debt instruments, issuing dollar and Eurobonds, the newspaper notes.
“We see the same thing as in previous crises: those who can raise funds through bonds do this,” quoted Brand Times Moran, senior economics specialist at Societe Generale, as quoted by the Financial Times. “It helps them maintain liquidity, and also demonstrates that they have the opportunity to finance. ”
So, Shell raised € 3 billion and $ 3.75 billion this week, BP – € 3.25 billion and $ 3.25 billion, Total and Equinor received € 3 billion and $ 5 billion, respectively, and Exxon raised $ 8 a few weeks ago. 5 billion
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